What is a Bitcoin: How does it work?

What is Cryptocurrency? How to get bitcoins | How does bitcoin work

Hello friends! Welcome to our website, Today we will tell you about a cryptocurrency, which is Bitcoin, and you will know what is a Bitcoin: How does it work?

Friends Every country has a currency, and all countries have different currencies, and the name and value of that currency are based on the country, such as the currency used for transactions in the United States is the United States Dollar (USD), the United Kingdom’s currency Pound sterling , And Indian currency Indian Rupees (INR). And in this way the currencies of different countries are different. There are many more currencies that spread around the world on the Internet, which we call digital currencies. And this currency is used for online transactions. And today we will tell you about Bitcoin, one of those digital currencies. You may have all heard of Bitcoin, because Bitcoin has been popular for years.

And today in this post we will tell you about Bitcoin and today we will answer many of your questions through this post –

What is Bitcoin?
Where is use bitcoin?
Why is use bitcoin?
What is the value of currency?

You need to complete this post to get complete information about Bitcoin. Let’s first know what is Bitcoin?

What is bitcoin?

Bitcoin is a virtual currency, and this currency is called digital currency and cryptocurrency. This currency is called digital currency because bitcoin is used digitally. And Bitcoin currency is called virtual currency because Bitcoin is completely different from other currencies. We can see and touch other currencies like Indian Rupee, Dollar from all these currents, but we cannot see and touch Bitcoin, but Bitcoin is also used for transactions like money.

Bitcoin is the only thing we can store in an online wallet, this bitcoin was invented in 2008 by Satoshi Nakamoto. And this bitcoin was issued in 2009 as a global payment. And the popularity of Bitcoin has been growing since 2009.

Where is use Bitcoin?

Bitcoin Pizza Day

Bitcoin and pizza have a strong relationship, and it really is. And for that, Bitcoin Pizza Day is celebrated on April 22. And the reason for celebrating Bitcoin Pizza Day on April 22 is that on April 22, 2010, Bitcoin was first traded by a programmer from Florida, and the name of this programmer was Laszlo Hanyecz. And this programmer ordered two big pizzas in his house that day, and the payment of those two pizzas helped 10000 bitcoins. And this is the first purchase using Bitcoin. At that time the price of 10000 bitcoins was around 41 dollars, and now the price of one bitcoin is about 49,963.40 dollars.

Bitcoin does not control

Bitcoin is a decentralized currency, Bitcoin is called decentralized currency because it does not require any middle authority to control Bitcoin, meaning there is no government or bank authority. And testing it means no one owns Bitcoin.

Bitcoin can be used by anyone, just as we use the Internet. Anyone who has Bitcoin will not be able to use Bitcoin physically, but Bitcoin can be used. Bitcoin can be converted to other currencies along with online transactions. This means that if you have Bitcoin, you can convert Bitcoin according to your country’s currency and transfer it directly to your bank account. Bitcoin is still known as the most expensive currency in the world, although it is now thought that Bitcoin will be hit by the Ethereum currency.

Ethereum currency is a virtual currency just like Bitcoin, and this current is used for online transactions, and like Bitcoin it is also called cryptocurrency.

Bitcoin can be transacted without any means through computer networking. And this digital currency can be kept in a digital wallet. Bitcoin can be easily spent by anyone just like any other currency. You can use Bitcoin in different places, such as –

To buy any content.
To donate to any NGO.

This way you can use Bitcoin in a variety of ways, and now you can trade with Bitcoin.

Bitcoin is a cryptocurrency, and this cryptocurrency cannot be controlled by any organization. This clearly means that the government and no bank have any right to bitcoin.

Bitcoin allows you to transact and trade, as no bank or government can stop the bitcoin business. From now on, no bank or organization will be able to stop you from sending Bitcoin to another person through internet.

The disadvantage of bitcoin

In the case of Bitcoin, you can transact, but there are difficulties. In the case of Bitcoin, if you are cheated, you will not be able to complain to anyone. But the funny thing is, Bitcoin is also used by some of the world’s biggest businessmen and companies.

Why is use bitcoin?

We can usually use Bitcoin for online payments and any kind of transaction. And since Bitcoin is a digital currency, Bitcoin’s network is based on P2P, which means that Bitcoin transactions can be done without the help of any bank or company.

Debit cards and credit cards usually charge a certain percentage, but there is no such rule in the case of Bitcoin, so the popularity of Bitcoin continues to grow. And also Bitcoin transactions are secure and fast.

Many people nowadays use Bitcoin, such as online developers, entrepreneurs, non-profit organizations, etc. And the use of Bitcoin is working as a global payment method all over the world.

Bitcoin does not have a credit limit in the same way that credit cards or debit cards have a credit limit. Bitcoin is secure and fast and at the same time Bitcoin is used in all countries of the world. There is no limit to using Bitcoin.

What is the value of bitcoin?

Since Bitcoin is a cryptocurrency, the value of Bitcoin continues to go up and down, and there is no authority to control Bitcoin, and therefore the value of Bitcoin changes according to the demand for Bitcoin. Bitcoin prices usually vary from country to country. Because the use of Bitcoin in the world market, hence the price of Bitcoin, based on the demand for Bitcoin in every country.

You may be wondering now how to get Bitcoin! Or what to do to get bitcoin. Then we will answer your question.

There are two ways you can get Bitcoin –

The first method of getting bitcoin

The first way to get bitcoin is if you have money then you can buy bitcoin with direct money. And if you don’t have enough money to buy Bitcoin, but you also want to buy Bitcoin, there is a way.

If you can’t buy a whole bitcoin, you can buy a small unit of bitcoin. Just like 1 taka = 100 paise, just like 1 bitcoin = 100000000 santoshi. If you want, you can buy the smallest unit of Bitcoin and move forward slowly. When you have more bitcoin deposited, you can earn more money by selling that bitcoin. Alternatively you can tell who you can invest in Bitcoin.

The second method of getting bitcoin

The second method of obtaining bitcoin is bitcoin mining. In common parlance, mining means extracting minerals by carving, such as gold, coal, etc. Bitcoin cannot be mined because it has no physical form. And mining here means building bitcoin, and it’s only possible with computers. Mining in common parlance means creating new bitcoins.

Bitcoin mining is done by bitcoin miners. Bitcoin mining requires a high speed processor, graphics card and mining software.

We usually use Bitcoin to make online payments, and the transaction is verified at the time the transaction is made and the person who performs the verification is called a miner. And these miners have high performance computers and good hardware, through which bitcoin transactions are verified.

Minors complete Bitcoin transactions using a special type of computer and secure the Bitcoin network. Miners are rewarded with some bitcoin for verifying their bitcoin transactions. And in this way new bitcoin comes to the market.

Maybe you are wondering how to verify a bitcoin transaction. However, I would like to inform you that verifying Bitcoin is not easy. Miners have to solve many mathematical calculations to verify a bitcoin transaction, and it is very difficult.

Anyone can do bitcoin mining, and you need to have a high speed computer network to do bitcoin mining. Bitcoin mining is usually done by people who have computers like BCS calculations, and the ability to do large calculations.

The government has from the beginning declared it illegal to invest in Bitcoin. And the government is refusing to invest with anyone.